Which of the following is used to describe an 'open' economy?
A)One which has few or no barriers to international trade
B)One that exports a small proportion of its output
C)One that is open to technological ideas from other countries
D)One that is open to immigration from other countries

Question

Quizplus · Accepted Answer

An 'open' economy is one that has few or no barriers to international trade, meaning it allows the free flow of goods and services across national borders.

Answer: C 
 Although an 'open' economy can have all of the characteristics listed, the most defining feature is the lack of barriers to international trade. The option of being open to technological ideas from other countries may be present, but it is not a defining feature of an open economy. Therefore, this option is not the best choice.

Answers B and D are incorrect as they do not accurately describe an 'open' economy.

Which of the Following Is Used to Describe an 'Open